Fort Lauderdale Luxury Condos - 3rd Quarter 2013 Market Report

Posted by John Sabia on Friday, November 1st, 2013 at 4:08pm.

photo of view from terrace of Ritz CarltonThe Fort Lauderdale Luxury Condo market reveals as of September 2013 it is technically a buyer's market due to the months of inventory based on the summer's closed sales numbers; however, going into the winter months "the season", I believe the inventory will gradually decrease as the snowbirds to the north welcoming in the cold weather begin to flock south may find seller's here holding firm on their asking prices.

Total availble inventory of luxury condos for sale (priced at 1Million+) has been on a steady decline from the start of 2013.  From July thru September 2013, inventory averaged 93 condos for sale per month representing an 8.8% decrease from 3rd Quarter 2012. Pending Sales have trended up all year and averaged 8 per month in 3rd Quarter 2013 representing a 33.3% increase over 3rd Quarter 2012. Closed Sales have increased each quarter 2013 and averaged 9 per month in 3rd Quarter 2013,an increase of 80% over same Quarter last year.

Luxury Condo Report - 3rd Quarter 2013
Fort LauderdaleLuxury Condo SalesQTR 3QTR 2QTR 12013 YTD2012 Total
Total Condos Sold
27
24
23
74
65
Average Sales Price
1,520,000
1,370,000
1,150,000
1,347,000 1,384,000
Median Sales Price
1,226,000
1,202,000
1,271,000
1,233,000
1,243,000
Sales Price / List Price %
93%
92%
88%
91%
90%
Days on Market
176
131
188
165
205
Months of Inventory
11.8
13.2
14.3
13.1
24.4

Fort Lauderdale Luxury Condos - Top 10 Sales Year-to-Date

  1. The Ritz Carlton - 1 Ft Lauderdale Beach Beach Blvd, #2301 - $4,200,000 (public record)
  2. L'Hermitage II - 3200 N Ocean Blv, PH2709 - $3,461,000 (public record)
  3. Oriana By The Sea - 4336 El Mar Drive, TH#5 (Lauderdale By Sea) - $3,375,000 (public record)
  4. Harbourage Place - 3055 Harbor Drive, #1901 - $3,100,000 (public record)
  5. The Palms Tower - 2100 N Ocean Blvd, #30A - $2,740,000 (public record)
  6. Las Olas Grand - 411 N New River Dr, #3501 - $2,600,000 (public record)
  7. Coconut Grove - 1200 Holiday Drive, #1101 - $2,500,000 (public record)
  8. Las Olas Beach Club - 101 S Ft Lauderdale Beach Blvd, #2801 - $2,500,000 (public record)
  9. Cristelle - 1700 S Ocean Blvd, #22B & 22D (combined) Lauderdale By the Sea - $2,230,000
  10. Point of Americas II - 2200 S Ocean Lane, #2610 & 2609 (combined) - $2,200,000 (public record)

For more information about buying or selling real estate in Fort Lauderdale, contact John Sabia at 954.850.2397 today.

John Sabia

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